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CBOT Soybeans End Higher on Lower Production Numbers, Spillover Strength From Corn

12 Jul 2019 8:30 am
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MUMBAI(Commoditiescontrol) – CBOT Soybean futures emerged with modest gains on Thursday on lower production number and spillover strength in corn.

CBOT November Soybeans ended up by 4 ½ cents at $9.17 ¼ per bushel while the August soybeans settled up 4-1/2 cents at $8.99 per bushel.

Spot Basis Bids for soybean were mostly unchanged around the region. Some growers booked sales for small amounts of old-crop soybeans. Spot basis offers for U.S. soymeal were mostly unchanged in both the rail and truck markets on Thursday due to steady demand. Tight soybean supplies at some processors following weeks of slow farmer sales have cut into the amount of soymeal being produced, supporting basis levels.

The U.S. Department of Agriculture in a monthly report lowered its estimate of U.S. 2019-20 soybean production to 3.845 billion bushels, down from 4.150 billion in June but above an average of analyst expectations.

The USDA lowered its estimate of the U.S. soybean yield to 48.5 bushels per acre, down from 49.5 in June and roughly in line with trade expectations.

Traders ignored the disappointing weekly U.S. export sales data. The morning’s USDA Export Sales report tallied old crop soybean sales at 132,163 MT for the week of 7/4. That was a 9-week low and down 16.7% YoY. New crop sales totalled 129,500 MT for that week. China leads all destinations for U.S. soybean export commitments, accounting for 30% of the total.

Brazil’s Conab is holding steady its estimates for the country’s 2018/19 soybean exports, at 2.499 billion bushels. Conab currently tabs production at 4.226 billion bushels, which is fractionally higher than its June estimates.

CBOT December soymeal ended up $1.40 at $318.90 per short ton and December soy oil rose 0.09 cent at 28.65 cents per pound.

Traders now await the USDA's Aug. 12 report in which the government expects to release updated U.S. plantings figures and yield for soybeans and several other crops.

In the coming days, the crop condition and weather forecasts along with trade relations with China will further give direction to the price. The Support for November Soybeans is at $9.09 per bushel and resistance is at $9.21 per bushel.

(By Commoditiescontrol Bureau)

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